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On a day when both the Dow and S&P 500 hit new all-time highs, the financial press isn't exactly celebrating brighter days for the broader U.S. market.

Some of the more compelling stories don't exactly provide succor for those who think that the bull market has miles to go before it sleeps.

For example, an article in The Wall Street Journal argues that tech stocks, which have had two straight up trading days, are still too pricey even with the big selloff they have experienced since March.

"Money managers say it is no mystery what has been at work: These stocks rose to stratospheric prices compared with their earnings outlooks, driven by so-called momentum traders such as hedge funds that pile into rising shares," the article states. "Now, many investors say valuations are still so rich that further declines are still in store. Tesla trades at 89 times next year's earnings, according to FactSet. That is down from a price-to-earnings multiple of 117 in March, but still about six times more expensive than the S&P 500. Daily-deals site
Groupongrpn 0.2079002079002079%Groupon Inc.U.S.: NasdaqUSD4.82
0.010.2079002079002079%
/Date(1438376400307-0500)/
Volume (Delayed 15m)
:
4616605AFTER HOURSUSD4.81
-0.01-0.2074688796680498%
Volume (Delayed 15m)
:
22612
P/E Ratio
N/AMarket Cap
3261616864.00589
Dividend Yield
N/ARev. per Employee
268885More quote details and news »grpninYour ValueYour ChangeShort position
(GRPN) trades at 35 times next year's earnings."

Bloomberg

This simple valuation analysis does give reason for pause. And what if the broader stock market, which has held up strongly this year, begins to correct? Seems that these tech stocks are still vulnerable.

Those looking to play a little defense in such an environment might find Jeff Gundlach's views on Treasuries worth taking to heart.

According to Bloomberg, Gundlach, the star fixed-income manager whose mutual fund beat 97 percent of its rivals the past three years, has a simpler explanation for why investors have gotten the bond market so wrong this year: the aging of America.

"More retirees mean a shrinking workforce, leading to less spending, slower inflation and greater demand for low-risk, income-producing investments," the article points out.

This helps explain why the best and brightest erred in calling for a bear market in U.S. bonds -- and why benchmark Treasury yields may stay low for years to come, according to Gundlach.

"That's one of the reasons why yields are not just going to explode on the upside," Gundlach said in a May 7 interview with Bloomberg's Tom Keene. "Part of this equation is the demand for income from the growing number of retirees."

"I have spent the last week researching potential opportunities in China and I have concluded that the almost universal (and consensus) hatred for the region's markets and skepticism of China's economic growth trajectory could resemble the consensus (and wrong-footed) short bond thesis that existed at the beginning of this year," he writes.

Among Kass' conclusions: China's property downturn may be more manageable than the consensus believes. "The valued economists I speak to are looking for more balanced economic growth of 7.2% real GDP in 2014 and about 6.7% next year," he writes.